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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We are organized into three reporting segments. Operations that sell proprietary dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer health care, injectables, active material science solutions and digital health markets form our Aptar Pharma segment. Operations that sell dispensing systems and sealing solutions to the beauty, personal care and home care markets form our Aptar Beauty segment. Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and healthcare markets form our Aptar Closures segment. Aptar Pharma and Aptar Beauty are named for the markets they serve with multiple product platforms, while Aptar Closures is named primarily for a single product platform that serves all available markets.
The accounting policies of the segments are the same as those described in Part II, Item 8, Note 1 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2024. Our chief operating decision maker, ("CODM") is our President and Chief Executive Officer, Stephan Tanda. Our CODM is provided operating reports from each of our reportable segments which include or can be used to easily derive significant segment expenses identified as selling, research & development and administrative expenses and cost of sales by segment. Additionally, the other segment items is primarily comprised of foreign currency gains or losses from operations and other non-operating activity. Our CODM evaluates performance of our reporting segments and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA provides useful information regarding the performance of each segment as it reflects the profitability and performance of each segment on a consistent and comparable basis, and our CODM considers budget-to-actual variances on a monthly basis when making decisions supporting capital resource allocation, including in connection with development, acquisition and disposition activities in each segment.
Financial information regarding our reporting segments is shown below:
Three Months Ended March 31,20252024
Total Sales:
Aptar Pharma$409,697 $407,490 
Aptar Beauty312,301 334,880 
Aptar Closures173,921 182,697 
Total Sales$895,919 $925,067 
Less: Intersegment Sales:
Aptar Pharma$230 $197 
Aptar Beauty6,594 7,560 
Aptar Closures1,790 1,862 
Total Intersegment Sales$8,614 $9,619 
Net Sales:
Aptar Pharma$409,467 $407,293 
Aptar Beauty305,707 327,320 
Aptar Closures172,131 180,835 
Net Sales$887,305 $915,448 
Less:
Cost of Sales (exclusive of depreciation and amortization):
Aptar Pharma205,137 213,747 
Aptar Beauty224,048 237,972 
Aptar Closures122,391 131,336 
Selling, Research & Development and Administrative:
Aptar Pharma62,483 61,593 
Aptar Beauty46,412 48,628 
Aptar Closures23,012 22,665 
Other Segment Items:
Aptar Pharma(603)(225)
Aptar Beauty(1,891)(414)
Aptar Closures(532)(327)
Adjusted EBITDA (1):
Aptar Pharma$142,450 $132,178 
Aptar Beauty37,138 41,134 
Aptar Closures27,260 27,161 
Adjusted EBITDA for Reportable Segments$206,848 $200,473 
Corporate & Other, unallocated(23,511)(21,641)
Restructuring Initiatives (2)(2,042)(3,480)
Net unrealized investment (loss) gain (3)(1,096)592 
Depreciation and amortization(65,647)(64,349)
Interest Expense(11,351)(10,175)
Interest Income2,814 2,898 
Income before Income Taxes$106,015 $104,318 
Three Months Ended March 31,20252024
Depreciation and Amortization:
Aptar Pharma$31,148 $28,802 
Aptar Beauty20,062 21,228 
Aptar Closures13,575 13,531 
Depreciation and Amortization for Reportable Segments64,785 63,561 
Corporate & Other862 788 
Depreciation and Amortization$65,647 $64,349 
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(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
(2)Restructuring Initiatives includes expense items for the three months ended March 31, 2025 and 2024 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended March 31,20252024
Restructuring Initiatives by Plan:
Optimization initiative$2,042 $3,497 
Prior year initiatives— (17)
Total Restructuring Initiatives$2,042 $3,480 
Restructuring Initiatives by Segment:
Aptar Pharma$190 $24 
Aptar Beauty395 2,710 
Aptar Closures1,352 760 
Corporate & Other105 (14)
Total Restructuring Initiatives$2,042 $3,480 
(3)Net unrealized investment (loss) gain represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).